World Bank Lends Iraq USD 350 M for Recovery
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Iraqis walk past a house destroyed by an Iraqi airforce bombing in the Nairiyah district, eastern Baghdad, Iraq, 6 July 2015. Photo: EPA/BGNES
Iraq will be receiving a USD 350 M bank loan in order to deal with the most urgent damages done to cities controlled by Islamic State.
The agreement has been signed between the Iraqi government and the World Bank.
This is the first international aid package that will help revive the affected regions. The majority of the funds will be utilized to recover road infrastructure, bridges, electricity, water supply as well as sewer systems.
In addition, the US, Japan, EU as well as separate European countries have also pledged support for Iraq. The country has been facing a massive budget deficit of USD 20 B.
The budget in Iraq suffered a severe decrease of income from petrol production and sales because of the price decrease on international markets. The situation was further aggravated after the huge expenses on account of the ISIS conflict.
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